According to data from the Central Bank of Armenia, the country's gross international reserves (GIR) decreased by 17.3% year-on-year as of August 2024, reaching $3.411 billion.
As reported by the news agency ArmInfo, this represents a decline of $715 million compared to the same period last year.
The majority of the GIR—$3.404 billion—is held in foreign assets in freely convertible currency (FCC), while the share of Special Drawing Rights (SDR) in the IMF stands at $7.8 million.
During the first seven months of 2024, the GIR decreased by 5.3%, or $191.1 million, primarily due to a 5.5% reduction in foreign assets in FCC.
ArmInfo analysts noted that in the first half of 2024, the Central Bank of Armenia conducted foreign exchange interventions only in the second quarter, purchasing a total of $256.5 million.
Despite the overall decline in reserves, in June 2024, the IMF Board granted Armenia access to an additional 18.4 million SDRs (approximately $24.5 million) under a stand-by agreement.
